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The Character of Our Company Our Shared Responsibilities

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The Character of Our Company Our Shared Responsibilities 2005 diversity annual report the character of our company Our Shared Responsibilities We have a responsibility to our clients We must put our clients fi rst, We have a responsibility provide superior advice, products to each other and services, and always act with the highest level of integrity. We must provide outstanding people the best opportunity to We have a responsibility realize their potential. We must to our franchise treat our teammates with respect, We must put Citigroup’s long-term champion our remarkable interests ahead of each unit’s short- diversity, share the responsibility for term gains and provide superior our successes, and accept results for our shareholders. accountability for our failures. We must respect the local culture and take an active role in the communities where we work and live. We must honor those who came before us and extend our legacy for those who will come after us. is found within Message from our Chief Executive Offi cer One of the most important elements of Citigroup’s leadership has been our longstanding commitment to diversity. Citigroup’s success—and the success of our entrepreneurial culture—depends not on the schools we attended and not on, among other things, our ethnicity, race, gender, sexual orientation, religion, physical abilities, or national origin. Instead, our success depends on every employee being given the chance to succeed. It depends on each of us working together to deliver value for our clients and our shareholders, and feeling a sense of pride and fulfi llment in what we do. For our clients, our diversity means a workforce that is 98 percent local in the 100 countries in which we operate, with employees who understand our clients’ needs and aspirations. For our employees, our diversity means a culture where the best people want to work, where people are promoted on their merits, where we treat each other with respect, and where opportunities to develop are widely available to all—regardless of differences. And for our franchise, our diversity means transferring knowledge and people from one part of the world to another so we can better serve the thousands of communities where our employees live and work. As you’ll read in this report, we’ve made great progress embedding the principles of diversity and inclusion at Citigroup. We’ve done this by holding management accountable, by strengthening our efforts to attract and develop talent, and by creating innovative programs so our employees can share an even greater sense of pride and fulfi llment in what they do. Our commitment to diversity will continue to be an enduring part of our success and a key element in Citigroup’s culture in the years to come. Sincerely, Chuck Prince Message from our Chief Diversity Offi cer Three years ago at Citigroup, we shaped our diversity strategy along four lines—to be the employer, service provider, business partner, and neighbor of choice. By the end of 2005, we had made important progress toward achieving these goals. 2005 was the third consecutive year our senior managers developed diversity plans and reviewed their progress with our Board of Directors. We continued to attract top diverse talent through core partnerships, including with Black and Hispanic MBA organizations in the U.S. Initiated in 2002, our employee network program has grown to include 26 networks in the U.K. and U.S., with more than 8,000 members, a 52 percent increase over 2004. And as part of our efforts to improve our work environment, we launched a global initiative on fl exible work in 2005 by developing a common set of guidelines, tools, and resources through which employees and managers can consider and strengthen their fl exible work strategies. The year 2005 also saw us reinforce our diversity efforts with our business partners. We did this by creating opportunities among affi nity markets and continuing to focus on Supplier Diversity, surpassing $950 million in spending with business enterprises owned by minorities, women, disabled veterans, and other people with disabilities—an increase of 200 percent over the last four years. We celebrated important milestones during the year. Citigroup was inducted into Working Mother magazine’s Hall of Fame to honor our 15th time on its list of “100 Best Companies for Working Mothers.” Citigroup received a 100 percent ranking on the Human Rights Campaign’s Corporate Equality Index and, once again, we received high marks from DiversityInc magazine, which ranked us third on its list of best companies for diversity. We also shared both a number two ranking overall and a number one ranking for top investment bank in the 2005 Stonewall Corporate Equality Index, a U.K.-wide benchmark survey that recognizes employers of choice for lesbian, gay, bisexual, and transgender people. We’re proud of our employees’ efforts in and commitment to diversity—nonetheless, we have more work ahead. Embed- ding the principles of diversity and inclusion in everything we do is essential to achieving Citigroup’s goal to be the most respected global fi nancial services company. We look forward to making even more progress in 2006. Sincerely, Ana Duarte McCarthy For our employees, we want to be the employer of choice. Citigroup values a work environment where diversity is embraced, where people are promoted on their mer- its, and where people treat each other with respect and dignity. Around the world, we are committed to being a company where the best people want to work; where opportunities to develop are widely available; where inno- vation and an entrepreneurial spirit are valued; and where employees are encouraged to fulfi ll their professional and personal goals. fi ve Management Accountability At Citigroup, our diversity is a source of strength for our people and Diversity Councils our businesses, and enhancing our Citigroup’s diversity councils are diversity is a core component of our fundamental to the successful Attracting Talent management practices. implementation of our overall diversity We are working to ensure that our strategy. The Citigroup Diversity workforce—at all levels—is Since 2002, Citigroup businesses and Operating Council, formed in 2000, representative of the diverse managers have been required to is comprised of senior diversity and populations we serve and that we develop annual diversity plans and, Human Resources leaders from core develop a diverse pool of candidates through quarterly reviews, have been businesses and regions. It meets for senior management opportunities. held accountable for progress against biweekly to review progress against those plans. These reviews culminate our strategy, share best practices, Attracting and retaining diverse in an annual review of our franchise and align policies globally. graduate, professional, and efforts with our full Board of undergraduate talent ensure a leader- Directors. In total, 162 diversity In 2005, we continued to promote ship pipeline that refl ects our clients reviews were conducted in our diversity globally through 24 business and the communities where we do businesses in 2005. diversity councils, in which business business. In 2005, we continued to leadership and employees from strengthen our relationships with our Management Committee members various levels and functional groups longtime association partners while are responsible for attending diversity develop and execute initiatives. working to develop new relationships training and serving as mentors to to strengthen and diversify our more junior employees. They are also The councils focus on gender along recruiting efforts. We also work with encouraged to be personally involved with other dimensions of diversity, select undergraduate and graduate as business champions of diversity such as disability, ethnicity, race, or schools to attract and recruit diverse initiatives, including business sexual orientation. The Global students. Building successful diversity councils and employee Consumer Group and Corporate and relationships with the career networks. Senior managers’ overall Investment Banking diversity councils placement offi ces at these schools efforts are linked to compensation in India were among the new councils has been instrumental in our search and are part of the performance launched in 2005. for top talent. appraisal process launched in 2005 for Citigroup’s top 3,000 managers. I’ve had several very good managers during my 25 years at Citigroup; each contributed greatly to my career advancement. As a manager myself, I’ve been a strong supporter of diversity and inclusion initiatives in our organization and I work to create an environment that welcomes different perspectives. Many managers are now conscious of diversity as they make hiring and promotion decisions and we’ve implemented programs to attract more diverse people to the organization and support their career development. The result for everyone is a more open and inclusive workplace, which in our case has led to increased productivity. While we’ve demonstrated leadership and communicated how serious we are about diversity and inclusion, there’s always room to improve. HORACE DERRICK CORPORATE AND INVESTMENT BANKING Two important principles I learned early in my career were to take full responsibility for my own success and to value people as my most important resource. eight Attracting Diverse Graduates In 2005, Citigroup continued to build Attracting Diverse and Professionals our partnership with Management Undergraduates Since 1995, we’ve placed emphasis Leadership for Tomorrow (MLT),
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